Bitcoin (BTC) prices are expected to surge as early as next week, as additional US dollar liquidity is expected to impact BTC prices.
According to Cointelegraph on the 8th (local time), Arthur Hayes, co-founder of BitMEX, recently closed his BTC short position. This is to allay investors’ concerns about the decline in virtual asset prices. Hayes, the founder, took a short position on the 6th, predicting that the BTC price would fall below $50,000.
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Hayes founder predicted that if additional liquidity is supplied to the US capital market, the price of BTC will rise significantly. This is because there are predictions that US Treasury Secretary Janet Yellen will provide dollar liquidity as the US economy and financial markets have recently shown weakness. Hayes founder said, “Secretary Yellen will print more money if the market weakness continues,” and “BTC prices could surge as early as next week.”
Experts have also emphasized that an increase in money supply can affect the price of BTC. Jamie Coutts, a virtual asset analyst at RealVision, told X (formerly Twitter) in May that “M2 money supply is key to the next BTC rally,” explaining that “BTC generally moves in response to changes in M2 supply, so there is a high correlation.”
- Reporter Jaeheon Choi
- chsn12@decenter.kr
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